Omer regev
12/01/2017
NEW YORK (S&P Global Ratings) Jan. 9, 2017--S&P Global Ratings said today that its ratings on Israel–based generic drug maker Teva Pharmaceutical Industries Ltd. (BBB/Stable/--) are unchanged following the company's lower-than-expected 2017 earnings guidance and slower deleveraging pace. Teva significantly lowered its 2017 guidance from levels initially provided when it closed its acquisition of Allergan's generic drug business in August 2016, driven mainly by the continued elevated pricing pressure in the U.S. generic drug market, but also due to delays in new product launches. Management has lowered expectations for EBITDA to $8.4 billion from the previous range of $9.5 billion to $10.3 billion and now expects leverage to decline to 3.5x by the end of 2017 compared to the previous
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